The insurance industry remains one of the main pillars of the Cypriot economy, providing stability and protection to consumers and businesses, especially in times of uncertainty, said Constantinos Kalopsidiotis, Assistant Deputy Commissioner of Insurance at the 46th Annual General Meeting of the Association of Insurance Companies of Cyprus (SAEK), cyprusinsurancenews.com writes.

Highlighting the importance of insurance in the country's GDP, Mr. Kalopsidiotis emphasized the sector’s efficiency: "The result of 3Q2024 confirms the dynamics of the sector, with total assets reaching EUR 5.3 billion, an increase of 8.8% compared to 2023", he said.

He also noted adoption of the Digital Resilience Regulation (DORA), which comes into force in January 2025, which will ensure preparedness of insurance companies for cyber threats.

Another issue that remains open concerns the amendments to the Motor Vehicle Insurance Act. The dialogue between the Motor Vehicle Insurance Fund and SAEK continues, with the aim of reaching an agreement and submitting the bill to Parliament.

He mentioned the recent acquisition of CNP Cyprus by Hellenic Bank, which is important for the local insurance, highlighting the trend for mergers in the Cypriot insurance market. "As a supervisory authority we support strategic mergers of insurance companies taking into account the relatively small size of the market compared to other EU Member States", he added.